Preparing for SMCR
Preparing for the senior managers and certification regime has not been straightforward. Sarah Isted helps untangle the web.
The UK’s financial regulators have always stated that the Senior Managers and Certification Regime (SM&CR) simply formalises good governance practices. However the work that firms have been putting in over the last few months, and are still putting in now, shows that the reality is somewhat different to this view.
However, some firms have taken the opportunity to consider the new regime not as a tick box exercise but as a way to reconsider the appropriateness of their accountability arrangements. They have found that the regime can have implications and potential benefits for internal governance, their operating model, reward and talent, all within the auspices of culture.
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